IFLScience Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09435049 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

FOR

IFLSCIENCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms E K Andrew

D Dunhill

REGISTERED OFFICE:

6 Kean Street

London

London

WC2N 4AS

REGISTERED NUMBER:

09435049 (England and Wales)

ACCOUNTANTS:

Seago and Stopps

Chartered Certified Accountants

61 Station Road

Sudbury

Suffolk

CO10 2SP

FIXED ASSETS

79,842

Intangible assets

4

36,812

81,503

Property, plant and equipment

5

86,841

32,081

Investments

6

28,880

193,426

152,533

CURRENT ASSETS

45,102

Inventories

50,132

903,016

Debtors

7

738,903

395,366

Cash at bank and in hand

752,091

1,343,484

1,541,126

CREDITORS

1,456,671

Amounts falling due within one year

8

1,421,108

(113,187

)

NET CURRENT ASSETS/(LIABILITIES)

120,018

80,239

TOTAL ASSETS LESS CURRENT LIABILITIES

272,551

45,829

PROVISIONS FOR LIABILITIES

48,232

34,410

NET ASSETS

224,319

CAPITAL AND RESERVES

102

Called up share capital

9

102

34,308

Retained earnings

224,217

34,410

SHAREHOLDERS' FUNDS

224,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 November 2018 and were signed on its behalf by:

D Dunhill - Director

1.	STATUTORY INFORMATION

IFLScience Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less and accumulated amortisation and any accumulated impairment losses.

Website

The company has capitalised costs incurred in developing the company's website from which it

derives the majority of its income.

The directors have previously estimated the useful at 3 years, however during the year the useful life

was reviewed and it is now considered that the website should be amortised evenly over the period of

2 years.

Trademarks

The company has capitalised the costs of establishing and registering trademarks.

Trademark registration is for 10 years and the costs are amortised evenly over this period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost is calculated on an average cost basis which produces a valuation commensurate with a

traditional historic cost basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2017 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

Trademarks

Website

£

£

£

COST

At 1 March 2017

113,131

16,740

96,391

Additions

19,574

-

19,574

At 28 February 2018

132,705

16,740

115,965

AMORTISATION

At 1 March 2017

33,289

2,092

31,197

Amortisation for year

62,604

1,674

60,930

At 28 February 2018

95,893

3,766

92,127

NET BOOK VALUE

At 28 February 2018

36,812

12,974

23,838

At 28 February 2017

79,842

14,648

65,194

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

and

Computer

Totals

property

fittings

equipment

£

£

£

£

COST

At 1 March 2017

132,097

71,691

22,753

37,653

Additions

39,413

-

11,968

27,445

Disposals

(658

)

-

-

(658

)

At 28 February 2018

170,852

71,691

34,721

64,440

DEPRECIATION

At 1 March 2017

50,594

26,524

7,858

16,212

Charge for year

33,748

14,339

5,533

13,876

Eliminated on disposal

(331

)

-

-

(331

)

At 28 February 2018

84,011

40,863

13,391

29,757

NET BOOK VALUE

At 28 February 2018

86,841

30,828

21,330

34,683

At 28 February 2017

81,503

45,167

14,895

21,441

6.	FIXED ASSET INVESTMENTS

Loans to

group

undertakings

£

At 1 March 2017

32,081

Other movement

(3,201

)

At 28 February 2018

28,880

The investment in the subsidiary is held in US Dollars. The movement in the year reflects the change

in exchange rates.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Trade debtors

488,699

672,219

Amounts owed by group undertakings

9,525

41,680

Other debtors

199,175

161,622

VAT

13,103

-

Prepayments

28,401

27,495

738,903

903,016

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.18

28.2.17

£

£

Bank loans and overdrafts

2

2

Trade creditors

14,447

8,500

Amounts owed to associates

1,292,102

1,243,268

Tax

44,176

(24,989

)

Social security and other taxes

37,600

126,626

US sales taxes

(22

)

10,770

VAT

-

31,075

Other creditors

23,303

48,232

Accrued expenses

9,500

13,187

1,421,108

1,456,671

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.18

28.2.17

value:

£

£

102

Ordinary

£1

102

102

10.	OTHER FINANCIAL COMMITMENTS

The company has annual operating lease commitments of £176,655 in respect of leases ending in

February 2020.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Ms E K Andrew.